Vesting of MSUs. (a) As of each Determination Date, the Company shall determine the Payout Factor for the applicable Performance Period. For each Tranche, the Company shall multiply the Payout Factor for such Tranche by the Target Number of MSUs subject to the Tranche, and the resulting number of MSUs shall vest in full and become Vested MSUs on the Vesting Date set forth below for that Tranche, in each case subject to the Grantee’s continuous employment with the Company or a Subsidiary until each such date. Tranche Vesting Date Tranche One August 17, 2021 Tranche Two August 17, 2022 Tranche Three August 17, 2023 In addition, if the Payout Factor for Tranche Three is greater than the Payout Factor previously determined for Tranche One and/or Tranche Two, an additional number of MSUs subject to Tranche One and/or Tranche Two, as applicable, shall vest in full and become Vested MSUs on the Vesting Date set forth below for Tranche Three (subject to the Grantee’s continuous employment with the Company or a Subsidiary through such Vesting Date) equal to (i) the target number of MSUs subject to the applicable Tranche multiplied by the Payout Factor for Tranche Three, less (ii) the number of MSUs subject to the applicable Tranche that had previously vested on the Vesting Date for such Tranche. For avoidance of doubt, MSUs subject to Tranche One and/or Tranche Two that became Vested MSUs on the Vesting Date applicable to such Tranche shall not be subject to adjustment or clawback if the Payout Factor for Tranche Three is lower than the Payout Factor that was previously determined for such Tranche. There shall be no proportionate or partial vesting of the MSUs in or during the months, days or periods prior to each Vesting Date, and except as otherwise provided in Sections 4(b), 4(c) or 4(d) hereof, all vesting of MSUs shall occur only on the applicable Vesting Date.
Vesting of MSUs. (a) As of each Determination Date, the Company shall determine the Payout Factor for the applicable Performance Period. For Tranche One and Tranche Two, the Company shall multiply the Payout Factor by the Target Number of MSUs subject to the Tranche, and the resulting number of MSUs shall vest in full and become Vested MSUs on the Vesting Date set forth below for that Tranche, in each case subject to the Grantee’s continuous employment with the Company or a Subsidiary until each such date. For Tranche Three, the Company shall multiply the Payout Factor by the Target Number of MSUs subject to Tranche Three and then subtract the number of MSUs that vested in Tranche One and Tranche Two. The resulting number of MSUs shall vest in full and become Vested MSUs on the Vesting Date set forth below for Tranche Three, subject to the Grantee’s continuous employment with the Company or a Subsidiary until each such date.
Vesting of MSUs. (a) As of each Determination Date, the Company shall determine the Payout Factor for the applicable Performance Period. For Tranche One and Tranche Two, the Company shall multiply the Payout Factor by the Target Number of MSUs subject to the Tranche, and the resulting number of MSUs shall vest in full and become Vested MSUs on the Vesting Date set forth below for that Tranche, in each case subject to the Grantee’s continuous employment with the Company or a Subsidiary until each such date. For Tranche Three, the Company shall multiply the Payout Factor by the Target Number of MSUs subject to Tranche Three and then subtract the number of MSUs that vested in Tranche One and Tranche Two. The resulting number of MSUs shall vest in full and become Vested MSUs on the Vesting Date set forth below for Tranche Three, subject to the Grantee’s continuous employment with the Company or a Subsidiary until each such date. Tranche Vesting Date Tranche One Tranche Two Tranche Three There shall be no proportionate or partial vesting of the MSUs in or during the months, days or periods prior to each Vesting Date, and except as otherwise provided in Sections 4(b), 4(c) or 4(d) hereof, all vesting of MSUs shall occur only on the applicable Vesting Date.
Vesting of MSUs. The MSUs shall vest and become Vested Units, if at all, as provided pursuant to the provisions set forth on Schedule A.
